NNN REIT (NYSE:NNN) Reaches New 52-Week High Following Dividend Announcement

NNN REIT, Inc. (NYSE:NNN)’s share price reached a new 52-week high during mid-day trading on Monday after the company announced a dividend. The company traded as high as $44.96 and last traded at $44.88, with a volume of 253178 shares traded. The stock had previously closed at $44.36.

The newly announced dividend which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be given a dividend of $0.58 per share. This represents a $2.32 dividend on an annualized basis and a yield of 5.17%. This is a boost from NNN REIT’s previous quarterly dividend of $0.57. NNN REIT’s dividend payout ratio is currently 103.67%.

Wall Street Analyst Weigh In

NNN has been the subject of several research reports. Wells Fargo & Company dropped their target price on NNN REIT from $43.00 to $42.00 and set an “equal weight” rating for the company in a research report on Thursday, May 30th. StockNews.com raised shares of NNN REIT from a “hold” rating to a “buy” rating in a report on Friday. UBS Group assumed coverage on shares of NNN REIT in a research note on Friday, May 31st. They set a “neutral” rating and a $41.00 price target for the company. Finally, BNP Paribas upgraded NNN REIT from an “underperform” rating to a “neutral” rating and set a $42.00 price objective for the company in a report on Thursday, May 2nd. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, NNN REIT has a consensus rating of “Hold” and an average price target of $43.67.

NNN REIT Trading Up 1.2 %

The company has a debt-to-equity ratio of 1.04, a current ratio of 0.52 and a quick ratio of 0.52. The firm’s fifty day moving average is $42.16 and its 200-day moving average is $41.74. The firm has a market cap of $8.23 billion, a price-to-earnings ratio of 20.35, a price-to-earnings-growth ratio of 3.50 and a beta of 1.07.

Hedge Funds Weigh In On NNN REIT

A number of institutional investors and hedge funds have recently modified their holdings of NNN. Sound Income Strategies LLC raised its holdings in NNN REIT by 451.3% during the second quarter. Sound Income Strategies LLC now owns 264,905 shares of the real estate investment trust’s stock worth $11,285,000 after buying an additional 216,855 shares during the last quarter. Bruce G. Allen Investments LLC lifted its position in NNN REIT by 1,276.8% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 1,129 shares of the real estate investment trust’s stock valued at $48,000 after acquiring an additional 1,047 shares in the last quarter. Versant Capital Management Inc bought a new position in NNN REIT in the 2nd quarter valued at about $59,000. GAMMA Investing LLC increased its holdings in NNN REIT by 93.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,328 shares of the real estate investment trust’s stock worth $99,000 after purchasing an additional 1,123 shares in the last quarter. Finally, Pathway Financial Advisers LLC purchased a new stake in shares of NNN REIT in the first quarter worth approximately $184,000. 89.96% of the stock is currently owned by institutional investors.

About NNN REIT

NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases. As of December 31, 2023, the company owned 3,532 properties in 49 states with a gross leasable area of approximately 36.0 million square feet and a weighted average remaining lease term of 10.1 years.